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3. The Secretary of State may, on behalf of the Government, out of money provided by Parliament—
(a)make payments to the Association not exceeding £591.57 million in accordance with arrangements made between the Government and the Association in accordance with the Resolution; and
(b)make payment of sums required to redeem any non-interest-bearing and non-negotiable notes or other obligations which may be issued or created by him and accepted by the Association pursuant to the arrangements mentioned in paragraph (a).
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